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Articles for tag: Debate, Dollar, falls, Inflation, markets, prepare, presidential

September 10, 2024

News Desk

US Dollar Falls as Markets Prepare for Presidential Debate, Inflation

A representative image of US dollar bills. — Reuters/File NEW YORK: The dollar fell against a number of major currencies on Tuesday, extending Monday’s gains ahead of key inflation data and a much-anticipated US presidential debate, although neither outcome is likely to affect overall monetary policy . Safe-haven currencies such as the yen and Swiss franc also gained amid a rout in banking stocks, analysts said, after the head of the Federal Reserve regulator on Tuesday outlined a plan to boost big banks’ capital by 9 percent. That frustrated bank investors and some critics of the rule. The S&P 500

August 17, 2024

News Desk

Gold hits record high as global markets rally

An updated image of gold jewelry displayed in a store. — AFP/File NEW YORK: Gold hit a record high on Friday as global stocks beat reassuring data on the health of the world’s largest economy and possible U.S. interest rate cuts. Expectations of U.S. interest rate cuts weakened the dollar, while oil prices fell as weak expectations for Chinese demand offset continued tensions in the Middle East, traders said. Spot gold hit a record high of $2,509.41 an ounce as investors grabbed the investment haven ahead of an increasingly likely September US rate cut and heightened geopolitical risks. “A sharp

August 11, 2024

News Desk

Earnings, global markets help PSX recover

KARACHI: The Pakistan Stock Exchange (PSX), after initially coming under pressure, rebounded to close modestly higher by nearly 350 points in the last week as investor interest picked up on strong corporate results and a recovery in global equities. At first, market momentum was largely affected by investor hesitancy, triggered by a global sell-off in stocks over fears of a possible US recession and escalating tensions in the Middle East. Some events on the domestic front, including economic and political uncertainty, also affected market sentiment. However, positive indicators also emerged during the week such as a steady Pakistani rupee and

July 24, 2024

News Desk

Asian markets lack direction as disappointing US tech gains weigh on stocks. yen is strengthening

Asian shares fell on Wednesday after weak earnings from US tech giants Tesla and Alphabet, while the yen hit a six-week high ahead of next week’s central bank meeting where a rate hike remains on the table. The US dollar was broadly flat, with traders eyeing an inflation gauge on Friday and the Federal Reserve meeting next week. The Bank of Japan is also due to meet next week, where a 10 basis point hike is priced at a 44% probability. MSCI’s broadest index of Asia-Pacific shares outside Japan ( .MIAPJ0000PUS ) was 0.08 percent lower at 566.26, not far

July 14, 2024

News Desk

IMF deal boosts capital markets

KARACHI: Pakistan’s capital markets are all set to celebrate an unexpected early win with the staff-level agreement on a $7 billion Extended Fund Facility (EFF) with the International Monetary Fund (IMF). This 37-month deal is expected to push the stock market past a recent record high of over 81,000 points on Monday, while the rupee is expected to stabilize at 278/$ in the short to mid-25-year term. The Pakistan-IMF staff-level agreement, pending approval by the IMF Executive Board, is expected to unlock additional financing from other multilateral and bilateral creditors, including the World Bank and Saudi Arabia. This will also

July 12, 2024

News Desk

Global markets set records ahead of US data

LONDON: Global shares hit new all-time highs on Thursday as investors counted down to US data expected to show easing inflation and pave the way for the Fed to begin its long-awaited rate-cutting cycle from September. It was a long day. In addition to the upcoming US CPI data, Wall Street’s earnings season has begun. Britain had strong GDP data and some European football success to cheer, and a number of central banks were juggling interest rates. Europe’s main bourses moved 0.4%-0.7% during their morning session, which, after records in both the US and Tokyo overnight, meant that the main

July 9, 2024

News Desk

Trump’s possible return could shake Latin American markets

The prospect of former President Donald Trump winning back the White House in November has investors bracing for several scenarios, with America’s backyard high on the list of markets to watch. The Trump administration has had close ties to much of Latin America, including over the distribution of COVID-19 vaccines and when the U.S. government withheld key economic aid in exchange for stricter immigration policies in Central America. Here are flashpoints identified by investors predicting how a potential second Trump administration could affect the region: A good neighbor Mexico has long been an emerging market beacon for US policy and

June 25, 2024

News Desk

The KSE-100 outperforms other Asian markets in 2024

A man uses a mobile phone as he takes a photo of the electronic board showing stock prices during a session at the Pakistan Stock Exchange in Karachi, Pakistan, November 28, 2023. — Reuters The KSE-100 index reflects a 27% increase in dollar terms in 2024. Experts say earnings are likely to expand another 10% by the end of the year. Purchases from abroad, other elements that will drive market dynamics in the future. Despite the prevailing economic crises, Pakistan’s stock market has shown rather resilience emerging as the best performing market in Asia in the current year 2024, according

June 2, 2024

News Desk

Indian markets cheer potential third term for Modi, hope for reforms

MUMBAI: Expectations that Indian Prime Minister Narendra Modi will expand his coalition majority in parliament after the world’s biggest election are likely to boost the country’s financial markets on hopes of economic reforms. Exit polls released on Saturday after six weeks of voting predicted that Modi’s alliance would increase its 303 seats in the 543-member lower house and likely garner the two-thirds majority needed to initiate constitutional amendments. The results of the general election among one billion voters are due to be announced on Tuesday. India’s exit polls have a patchy record, often getting the result wrong, so investors may

May 25, 2024

News Desk

How will digital payment mechanism work in cattle markets?

A man feeds cattle at the cattle market on the outskirts of Karachi on June 19, 2023. — AFP KARACHI: With street crimes on the rise ahead of Eid ul Adha, the State Bank of Pakistan (SBP) is all set to introduce a QR code payment mechanism in cattle markets across the country, a move that will help people and traders make payments securely. The digital payment mechanism aims to curb cash transactions and promote financial inclusion in a market estimated to be worth Rs 550-600 billion during the festival. SBP is working with 25 banks to enable QR code

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